(Yicai Global) April 14 -- Li Bo, former vice mayor of Chongqing, has been hired as deputy governor of the People's Bank of China, according to the central bank's website.

Li will attend the upcoming 2021 Boao Forum for Asia held later this month in his new role, according to the annual conference's guest list updated yesterday.

Born in 1972, Li was the youngest amongst Chongqing's deputy mayors when taking office in September 2019. He resigned late last month, according to public information.

Before serving the southwest-central municipality, Li spent more than 10 years at the central bank in roles such as director-general of the monetary policy department and director-general of the legal and regulation department. Before that, he studied at Harvard Law School, Stanford University, and Boston University.

While working at the central bank, Li participated in the joint-stock reform of state-owned commercial banks and the pilot of cross-border renminbi settlement. He was involved in creating or revising regulations regarding foreign exchange control, anti-money laundering, and credit investigation.

Li has been vocal about forex rates. As the yuan's exchange rate is mainly determined by market supply and demand, China will let the market play a bigger and more decisive role in exchange rate formation, and refrain from competitive currency devaluation, he said in August 2018. 

China's stable and positive economic fundamentals will strongly support the yuan, he added.

Editor: Emmi Laine, Xiao Yi